Pre Budget Report 2009 - What does it mean for the Voluntary and Community Sector?
Submitted by Chloe Stables on Wed, 09/12/2009 - 15:49
A low key, business-like Pre Budget Report (PBR) from the Chancellor Alistair Darling today (9 Dec 2009):
- Darling says government action has reduced the impact of the recession but concedes the downturn has been worse than expected.
- No change to income tax.
- VAT will return to 17.5% on 1 January, as planned.
- One-off levy of 50% on bank bonuses above £25,000, to be paid by the bank, not the employee. Bonus levy expected to yield £550m.
- At least £180m in public and private investment in low-carbon schemes.
- Additional £200m for energy efficiency schemes, with extra 75,000 households helped by the warm front scheme.
- Child and disability benefit will rise by 1.5% in April.
- NI contributions up 0.5% in pre-budget report
- 50% tax on bank bonuses over £25k
- Senior civil service pay bill to be cut by £100m
For the sector, £75 million for the Social Investment Bank and very little movement on Gift aid.
Read a summary of NCVO's reaction to the PBR.
What is your reaction to the Pre Budget Report, how will it affect you and your organisation?
